Business Briefs: CapitalMark earns $5.8 million in 2013

Business Briefs: CapitalMark earns $5.8 million in 2013

January 24th, 2014 by Staff Reports and Associated Press in Business Around the Region

CapitalMark earns $5.8 million in '13

After nearly doubling its profits in 2012, CapitalMark Bank & Trust earned nearly 14 percent less last year after the bank opened more offices and repositioned its balance sheet for the future. The Chattanooga-based bank said Thursday its net income for all of 2013 was still a healthy $5.81 million, or 72 cents per share, compared with $6.72 million, or 88 cents per share, in 2012.

"We entered 2013 with expectations of a challenging year," CapitalMark CEO R. Craig Holley said. "The large increase in operating expenses was expected as we positioned our balance sheet and operating profile to support continued growth."

In the fourth quarter, CapitalMark boosted profits by nearly 73 percent over a year ago to $2.15 million.

Old Navy opens Northgate store

The Old Navy store in Hixson has relocated from the Old Park Town Center to Northgate Mall. Old Navy opened its new 13,000-square-foot store in Northgate this week. Although smaller than the former location, the new outlet -- dubbed a Project ONE (Old Navy Evolution) -- features a simplified store layout and centrally located dressing rooms.

As a part of the "Grand Reveal" weekend, Old Navy shoppers will receive 20 percent off storewide along with special giveaways and free totes for the first 300 shoppers who make a purchase. A fashion show is also slated to take place in Center Court (near Auntie Anne's) on Saturday from 1 p.m. to 3 p.m.